Chilliwack & District Real Estate Market Stats: November 2023 Update

Welcome to our latest real estate market update for single-family homes in beautiful Chilliwack, British Columbia! As we approach the end of 2023, it's an excellent time to reflect on the state of the local real estate market. In this blog post, we will delve into the data from November 2023 and compare it to October 2023 and November 2022. Whether you're a prospective buyer, seller, or simply interested in the local market trends, we've got you covered.

Active Listings

Let's start by examining the number of active listings in Chilliwack in November 2023. There were 191 single-family homes available on the market, showing a slight decrease from the previous month (247 in October 2023) but an increase compared to November 2022 (159). This suggests that while there's been a seasonal decline in inventory, the market remains robust compared to the previous year.

Number of Sales

The number of single-family home sales in Chilliwack in November 2023 stood at 75. While this reflects a decrease from October 2023 (102 sales), it remains higher than the sales volume in November 2022 (74). This variation in sales can be attributed to various factors, including seasonality and market dynamics. Nonetheless, it's important to note that the Chilliwack real estate market continues to see steady activity.

Median Sale Price

One of the most critical factors for both buyers and sellers is the median sale price of single-family homes in Chilliwack. In November 2023, the median sale price was $850,000. Although this is slightly lower than the median sale price in October 2023 ($922,500), it represents a significant increase compared to November 2022 ($799,624). This demonstrates that the overall value of single-family homes in Chilliwack has appreciated over the past year, offering potential benefits to homeowners and investors alike.

Median Days on Market

For those interested in how quickly homes are selling, the median days on the market is an important metric. In November 2023, the median days on market was 38 days, which is slightly higher than the 21 days reported in October 2023 but still lower than the 33 days recorded in November 2022. This indicates that homes in Chilliwack are generally selling at a reasonable pace, with variations attributed to market conditions.

Conclusion

In conclusion, Chilliwack's real estate market for single-family homes remains dynamic and attractive to both buyers and sellers. While there has been a decrease in active listings and sales compared to the previous month, the market's year-over-year performance shows promising signs of growth. The median sale price has appreciated, and homes are still selling within a reasonable timeframe.

Whether you're considering buying or selling a single-family home in Chilliwack, it's essential to stay informed about market trends. We recommend consulting with a local real estate expert to navigate the current market conditions effectively.

If you have any questions or need assistance with your real estate needs in Chilliwack, please don't hesitate to reach out to our experienced team. We're here to help you make informed decisions in this dynamic market. Stay tuned for more updates as we continue to monitor the local real estate scene!

Data sourced from National MLS as of December 2023. All information is believed to be accurate but is not guaranteed and should be independently verified.

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